New typologies and case study report now available

AUSTRAC’s latest typologies and case studies report shows how financial intelligence helps combat serious crimes including money laundering, tax evasion, drug trafficking, people smuggling and fraud

AUSTRAC CEO Paul Jevtovic APM said the report clearly proves the law enforcement value of following the money trail.

‘The diversity of criminal cases within this report demonstrates the versatility of financial intelligence in tackling serious and organised crime,’ he said.

‘It also underlines the real value of the thousands of financial transaction reports and suspicious matter reports that industry submits to AUSTRAC daily.’

The report includes 20 real-life case studies where AUSTRAC information assisted authorities, including:

• the use of a black market website and digital currencies for drug trafficking

• a cash courier who transferred millions of dollars overseas for a money laundering syndicate

• a people smuggling operation uncovered by a joint Australian-Indonesian investigation

• an accountant's overseas tax evasion scheme which ultimately landed his clients in jail.

The report also details the use of third-party cash couriers to launder money and AUSTRAC's contribution to Project Wickenby and Task Force Eligo.

AUSTRAC encourages all reporting entities to read the report and use it to inform their anti-money laundering and counter-terrorism financing (AML/CTF) programs.

View the AUSTRAC typologies and case studies report 2014.

AUSTRAC fines MoneyGram $122,400

AUSTRAC has fined one of the world’s largest remittance network providers $122,400 for contravening Australia’s AML/CTF laws.MoneyGram Payment Systems, Inc. paid a $122,400 infringement notice issued by AUSTRAC for providing money remittance services through unregistered remittance businesses.

Announcing the action on 21 January 2015, AUSTRAC CEO Paul Jevtovic APM said: 'We closely supervise Australia’s remittance sector to ensure remitters implement the necessary measures to identify, manage and mitigate money laundering and other risks.

'Businesses that do not comply with their AML/CTF obligations risk exploitation by criminals, regulatory action by AUSTRAC and serious reputational damage.'

As a result of an AUSTRAC compliance assessment in 2014, MoneyGram advised AUSTRAC that it had provided remittance services through six affiliate businesses that were not registered with AUSTRAC.

By law, all businesses providing remittance services must be registered with AUSTRAC on the Remittance Sector Register.

For more information, view:

• AUSTRAC’s media release​​
  

MoneyGram’s infringement notice

AUSTRAC 2014 compliance reports due 31 March 2015

A reminder to reporting entities to lodge their AML/CTF compliance report by 31 March 2015.

This compliance report covers business activities during the period 1 January 2014 to 31 December 2014.

Reporting entities should lodge their compliance reports electronically using their AUSTRAC Online account.

Entities can access their account via the AUSTRAC Online login page, then expand the My Business menu > select Compliance Reports > select Create New Report.

Further information, including an instruction guide for completing the compliance report, is available on the AUSTRAC website.

If you believe your business is not a reporting entity or does not have to lodge a compliance report for 2014, please contact the AUSTRAC Contact Centre on 1300 021 037 or email help_desk@austrac.gov.au.

Keep your business details up to date with AUSTRAC

AUSTRAC reminds reporting entities that they are required by law to update their AUSTRAC business details within 14 days of any change.

Providing AUSTRAC with up-to-date business profile information is also important because AUSTRAC will use this information to identify which entities are subject to the new industry contribution levy for 2014–15, and the amount of the levy.

AUSTRAC expects that industry contribution levy amounts for 2014–15 will be calculated by the end of February 2015. Any entity whose business profile details are not up to date when the levy is calculated may be incorrectly invoiced.

To update your business details:

• Log into AUSTRAC Online and check your business details.
  

• Update your details using the AUSTRAC business profile form.

• Important: The business profile form was recently updated to collect new information for the calculation of the industry contribution levy. The form may ask you to provide new information about your earnings.

For more information, see the AUSTRAC industry contribution webpage or contact the AUSTRAC Contact Centre on 1300 021 037or email help_desk@austrac.gov.au

Review of AML/CTF Rules about remitter registrations
AUSTRAC has commenced a Post Implementation Review (PIR) of the AML/CTF Rules in Chapters 58 and 59, which relate to the cancellation and suspension of remitter registrations.

The PIR is intended to:

• assess the appropriateness, efficiency and effectiveness of these AML/CTF Rules

• determine any regulatory impacts, effects on competition and potential improvements to these Rules.

A stakeholder consultation paper has been released containing:

• Part A – background information about the PIR and stakeholder feedback questions

• Part B – a copy of the draft report on the PIR.

Stakeholders are invited to make written submissions in response to the stakeholder feedback questions contained in the PIR consultation paper.

Feedback from submissions will be used to complete and finalise the report on the PIR, which will be submitted to the Office of Best Practice Regulation during 2015.

The PIR consultation paper and further information about making submissions can be found on the AUSTRAC website.

The closing date for submissions is 13 March 2015.

The PIR is separate to the review of the AML/CTF regime currently being undertaken by the Attorney-General’s Department